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RBC Dain Rauscher to become RBC Wealth Management
Move to a single U.S. broker-dealer a win for RBC Wealth Management clients
MINNEAPOLIS, Minn., March 3, 2008 — As part
of RBC's (Royal Bank of Canada: RY) global brand strategy,
RBC Dain Rauscher today announced it has changed its brand
name to RBC Wealth Management. RBC Wealth Management also
introduced a new technology platform and announced the formation
of a single U.S. broker-dealer that gives clients and employees
increased access to the products and services from RBC's global
network of financial solutions.
"Operating under our new brand name, RBC Wealth Management
will continue to serve affluent and high net-worth clients
in the United States," said John Taft, head of RBC U.S.
Wealth Management. "As part of a single broker-dealer
sharing the same technology platform as RBC Capital Markets,
we will be able to offer our clients seamless access to RBC's
capabilities and increase the range and breadth of the services
we are able to provide."
In addition to the firm's new brand name, the legal entity
name will change to RBC Capital Markets Corporation.
The integration creates a strong U.S. wealth management platform
with a combined sales force of nearly 1,800 financial consultants
and a network of 161 locations in 39 states, $141 billion
of assets under administration and $130 billion of assets
under management.
Said Mr. Taft, "RBC has significantly grown its U.S.
business through acquisitions by hiring experienced, professional
advisers and by helping them grow their businesses and better
serve their clients. Today's move to a single broker-dealer
allows us to continue our trajectory and client service more
effectively than ever before."
About RBC Wealth Management
RBC Wealth Management directly serves affluent and high net
worth clients in Canada, the United States, Latin America,
Europe and Asia, and provides asset management and trust products
and services through RBC and third-party distributors and
has nearly $500 billion of assets under administration, more
than $160 billion of assets under management and more than
3,600 financial consultants, advisors, private bankers and
trust officers. RBC Wealth Management, a wholly owned subsidiary
of Royal Bank of Canada, is one of the largest full-service
securities firms in the U.S. The company serves individual
investors and businesses through offices coast-to-coast, and
capital markets and correspondent clients in select U.S. and
international markets. Founded in 1909, RBC Wealth Management
is a member of the New York Stock Exchange and other major
securities exchanges, as well as the Securities Investor Protection
Corp.
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Media contacts:
U.S.
John Bousquet, RBC, 612-371-2225
Loretta Healy, The Hubbell Group, (781) 878-8882, lhealy@hubbellgroup.com
Canada
Beja Rodeck, RBC, 416-974-5506
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